Insider Selling: Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells 7,000 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $82.62, for a total transaction of $578,340.00. Following the sale, the chief executive officer now directly owns 475,388 shares of the company’s stock, valued at approximately $39,276,556.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Mac Armstrong also recently made the following trade(s):

• On Thursday, February 29th, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $75.75, for a total transaction of $530,250.00.
• On Wednesday, January 31st, Mac Armstrong sold 1,541 shares of Palomar stock. The stock was sold at an average price of $59.19, for a total transaction of $91,211.79.
• On Saturday, January 27th, Mac Armstrong sold 952 shares of Palomar stock. The stock was sold at an average price of $60.13, for a total transaction of $57,243.76.
• On Monday, January 1st, Mac Armstrong sold 1,836 shares of Palomar stock. The stock was sold at an average price of $54.51, for a total transaction of $100,080.36.

Palomar Stock Performance

Shares of PLMR stock opened at $84.25 on Thursday. The company has a market capitalization of $2.10 billion, a price-to-earnings ratio of 27.00 and a beta of 0.21. The company has a 50-day simple moving average of $70.58 and a 200 day simple moving average of $60.89. Palomar Holdings, Inc. has a 52 week low of $46.09 and a 52 week high of $86.25.

Palomar (NASDAQ:PLMR) last announced its earnings results on Wednesday, February 14th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.85 by $0.09. The business had revenue of $102.35 million during the quarter, compared to the consensus estimate of $95.07 million. Palomar had a net margin of 21.07% and a return on equity of 19.35%. Sell-side analysts forecast that Palomar Holdings, Inc. will post 3.82 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PLMR shares. Keefe, Bruyette & Woods lifted their price target on shares of Palomar from $73.00 to $87.00 and gave the company an “outperform” rating in a research note on Wednesday, February 21st. TheStreet upgraded shares of Palomar from a “c+” rating to a “b-” rating in a research note on Tuesday, December 5th. Truist Financial lifted their price objective on shares of Palomar from $72.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, February 16th. Evercore ISI lifted their price objective on shares of Palomar from $66.00 to $68.00 and gave the company an “in-line” rating in a research report on Thursday, February 15th. Finally, Jefferies Financial Group raised shares of Palomar from a “hold” rating to a “buy” rating and lifted their price objective for the company from $78.00 to $88.00 in a research report on Thursday, March 14th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Palomar has a consensus rating of “Moderate Buy” and an average target price of $77.00.

Institutional Trading of Palomar

Several hedge funds and other institutional investors have recently modified their holdings of PLMR. Alliancebernstein L.P. boosted its holdings in shares of Palomar by 2,612.5% during the 3rd quarter. Alliancebernstein L.P. now owns 799,369 shares of the company’s stock worth $66,923,000 after buying an additional 769,899 shares during the period. Point72 Asset Management L.P. bought a new stake in Palomar in the 4th quarter valued at about $16,058,000. Atlas Capital Advisors LLC boosted its holdings in Palomar by 614.2% in the 4th quarter. Atlas Capital Advisors LLC now owns 366,284 shares of the company’s stock valued at $16,541,000 after purchasing an additional 315,000 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Palomar by 52.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 748,928 shares of the company’s stock valued at $41,342,000 after purchasing an additional 256,378 shares during the period. Finally, Millennium Management LLC bought a new stake in Palomar in the 4th quarter valued at about $9,260,000. Institutional investors own 90.25% of the company’s stock.

About Palomar

Palomar Holdings, Inc, a specialty insurance company, provides property and casualty insurance to residential and businesses in the United States. The company offers personal and commercial specialty property insurance products, including residential and commercial earthquake, fronting, commercial all risk, specialty homeowners, inland marine, Hawaii hurricane, and residential flood, as well as other products, such as assumed reinsurance.